The Federal Investigation Agency (FIA) has launched an investigation into the costly six-year lease of the ATR-72 aircraft, according to sources close to the agency. The FIA issued notices to the responsible entities and other associated financing groups regarding the issue of ATR aircraft leased by PIA in the past.
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In 2015, the lease of five ATR-72 aircraft was approved for April 2021. According to recent reports, the monthly lease payments for two ATR-72 aircraft started in April and May, respectively. As per agreement with Nordic Aviation Capital in April 2012, lease payments of Rs. 172,500 were agreed for the two aircraft, whereas payment plans for the other three commenced in June, with payment plans set at Rs. 179,500 per month. This unusually expensive lease agreement for the ATR-72 aircraft resulted in an alleged loss of Rs. 7.9 billion.
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At the time of the PIA agreement, Shaheen Air had entered into a 6-year lease agreement for Airbus 320 aircraft. Shaheen Air agreed to pay monthly lease payments finalized at Rs. 195,000 per aircraft.